Backblaze (BLZE) Net Margin (2020 - 2025)
Backblaze (BLZE) reported Net Margin of -10.17% for Q3 2025, up 28.97 percentage points from -39.13% a year earlier and up 9.39 percentage points from the prior quarter.
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Analysis
Backblaze (BLZE) Net Margin (2020 - 2025) Analysis & Trends
Over the twelve months ended Sep 30, 2025, Backblaze's Net Margin came in at -24.37%, up 13.45 percentage points year-over-year; for FY2024, it was -38.03%, up 20.51 percentage points from FY2023.
- Net Margin has a four-year change of -25.71 percentage points (FY2020 to FY2024).
- By year, Net Margin came in at -58.53% in FY2023 (+1.83 pp), -60.36% in FY2022 (-28.19 pp), -32.16% in FY2021 (-19.85 pp) and -12.31% in FY2020.
- The Q3 2025 figure ranks as the highest quarterly Net Margin in data going back to Q3 2020.
- Year over year, Net Margin has now increased in each of the last three quarters, with an average year-over-year change of +19.87 percentage points over the last eight quarters.
- The high point for year-over-year Net Margin in five years was Q1 2024 (a gain of 36.27 percentage points); the low point was Q2 2022 (a drop of 40.98 percentage points).
- Per Business Quant data, the three quarters before Q3 2025 came in at -19.55% (Q2 2025), -26.94% (Q1 2025) and -42.55% (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,949.85 Bn | 3,873.01 Bn | 60.48 Bn | 39.74% |
| 2 | International Business Machines | 228.00 Bn | 178.81 Bn | 9.91 Bn | 12.62% |
| 3 | Cloudflare | 103.51 Bn | 87.04 Bn | 499.52 Mn | -24.42% |
| 4 | Equinix | 97.35 Bn | 85.92 Bn | 1.40 Bn | 18.25% |
| 5 | Nebius | 41.52 Bn | 14.95 Bn | 448.70 Mn | -32.70% |
| 6 | CoreWeave | 34.23 Bn | 21.32 Bn | 1.70 Bn | -24.31% |
| 7 | Verisign | 27.83 Bn | 25.04 Bn | 384.60 Mn | 49.82% |
| 8 | Nutanix | 18.34 Bn | 10.03 Bn | 651.35 Mn | 167.85% |
| 9 | GoDaddy | 14.21 Bn | 9.79 Bn | 828.20 Mn | 18.50% |
| 10 | Backblaze | 523.34 Mn | 317.91 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | -10.17% |
| Jun 30, 2025 | -19.55% |
| Mar 31, 2025 | -26.94% |
| Dec 31, 2024 | -42.55% |
| Sep 30, 2024 | -39.13% |
| Jun 30, 2024 | -33.08% |
| Mar 31, 2024 | -36.88% |
| Dec 31, 2023 | -42.48% |
| Sep 30, 2023 | -63.46% |
| Jun 30, 2023 | -58.31% |
| Mar 31, 2023 | -73.15% |
| Dec 31, 2022 | -63.22% |
| Sep 30, 2022 | -58.05% |
| Jun 30, 2022 | -55.95% |
| Mar 31, 2022 | -64.29% |
| Dec 31, 2021 | -51.37% |
| Sep 30, 2021 | -34.60% |
| Jun 30, 2021 | -14.97% |
| Mar 31, 2021 | -24.09% |
| Dec 31, 2020 | -23.43% |
API Access
Backblaze Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=BLZE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "BLZE", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=BLZE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();